What you'll learn:
- Grasp the basics of financial accounting and understand its objectives and significance in business.
- Demonstrate proficiency in using the double-entry accounting system and interpreting the accounting equation.
- Record business transactions using debits and credits, including period-end adjusting entries.
- Understand and apply the rules for closing entries at the end of an accounting period.
- Handle transactions related to the purchase and sale of inventory, including applying inventory cost flow assumptions such as FIFO, LIFO, and weighted average m
- Master the use of subsidiary ledgers and special journals, specifically for accounts receivable and accounts payable
- Conduct bank reconciliations and apply best practices for cash internal controls.
- Accurately estimate and record allowance for doubtful accounts using both allowance method and direct write-off methods.
- Understand, calculate, and record depreciation for property, plant, and equipment using various methods, including straight-line, double-declining balance, and
- Handle transactions related to the purchase and sale of property, plant, and equipment.
- Understand and execute the payroll accounting process, including the calculation of payroll taxes and recording complex payroll journal entries.
- Grasp the unique accounting considerations and transactions for partnerships, including income allocation, admission and withdrawal of a partner, and partnershi
- Handle transactions unique to a corporate form of entity, including issuance and repurchase of shares, and dividend distributions.
- Understand the concept of bonds payable and notes payable, including their issuance, discount/premium amortization, and interest payment.
- Prepare a comprehensive statement of cash flows using both direct and indirect methods, and understand its importance in financial analysis.
- Use Excel to perform various accounting tasks, including creation of amortization schedules and financial statement preparation.
- Understand how to update and adjust accounting records to reflect changes in the business environment.
- Grasp the importance of theory in making appropriate accounting adjustments and decisions.
- Learn how to compare and contrast different accounting procedures and choose the most suitable for a given business scenario.
- Understand and apply the time-value of money concept in the context of bond and note transactions.
- Determine current and long-term portions of notes payable using amortization schedules.
- Learn how to adapt accounting procedures and policies to ever-changing business and regulatory environments.
Get ready for a deep dive into Financial Accounting, a critical skill for any aspiring accountant, business owner, or student. This comprehensive course offers you lifetime access to many sections of engaging video content, a multitude of real-world examples, practice problems, and an extensive, downloadable e-book in EPUB, MOBI, and PDF formats.
From the fundamentals of the double-entry accounting system to the complexities of long-term liabilities and cash flow statements, this course covers a breadth of topics equivalent to an undergraduate Financial Accounting program. The course supplements academic study by providing an online resource you can refer back to, ensuring the concepts stay fresh and readily accessible.
We begin with an introduction to Financial Accounting and progress steadily through various topics, including recording transactions, adjusting and closing entries, merchandising transactions, and various cost flow assumptions. Specialized sections delve into subsidiary ledgers, bank reconciliations, depreciation methods, payroll accounting, and more.
The course incorporates Excel for practical application of the theories taught. If you're unfamiliar with Excel, fear not! We provide pre-formatted worksheets and step-by-step instructional videos that move at a friendly pace.
We debunk the myths surrounding debits and credits, illustrate how to record transactions using these methods, and demonstrate the importance of period-end adjusting entries.
This course is more than just a procedural guide—it stresses the understanding of underlying theories to make learners flexible and adaptable in a constantly changing environment. You'll learn the rationale behind financial accounting processes, ensuring you can apply these skills in a variety of contexts.
Incorporating real-world scenarios, each section breaks down complex concepts into understandable chunks, followed by practical application in Excel.
Topics include, but are not limited to:
· Debits and Credits
· Period End Adjusting Entries
· Recording Closing Entries
· Inventory Transactions
· Subsidiary Ledgers & Special Journals
· Bank Reconciliations
· Accounts Receivable
· Depreciation Methods
· Payroll Accounting
· Partnership Accounting
· Corporate Accounting
· Bonds Payable, Notes Payable, & Long-Term Liabilities
· Cash Flow Statements
The course is designed to start at the basics and gradually advance to the level of detail expected in an undergraduate program. By course completion, you will have a firm grasp on Financial Accounting that not only stands the test of time but also serves as a continuously available resource in your accounting journey. Enroll now to become a confident, adaptable accounting professional.
